New tax breaks for tourism
BY INGRID BROWN Senior Observer reporter [email protected]
Tuesday, May 11, 2010
GOVERNMENT is considering amending the Hotels Incentive Act (HIA) to allow for tax free benefits during refurbishing periods to allow for year-round improvements by hoteliers
Under the existing Act, these incentives which include income tax, import duties and General Consumption Tax (GCT) relief are usually only available to new and expanding construction.
“We felt it was necessary for us to go back to Cabinet and to look at the strategy to allow for almost perpetual refurbishing …for you to change the doors, the windows put in new furniture and so on so as to maintain that freshness and crispness,” said tourism minister Edmund Bartlett at today's Jamaica Hotel and Tourist Association (JHTA) annual general meeting at the Half Moon Hotel in Montego Bay.
Bartlett said a submission has also been approved by Cabinet for the “rolling over” access to incentives for every three to five years. This is instead of the current 10 years.
Meanwhile Bartlett said Cabinet has approved amendments to the Duty Free Shopping Act to allow for expansion of duty free list <span style="font-weight: bold">and for incoming passengers to purchase items duty free. </span>In addition Bartlett said overseas representation for the sector will remain exempt from GCT.
BY INGRID BROWN Senior Observer reporter [email protected]
Tuesday, May 11, 2010
GOVERNMENT is considering amending the Hotels Incentive Act (HIA) to allow for tax free benefits during refurbishing periods to allow for year-round improvements by hoteliers
Under the existing Act, these incentives which include income tax, import duties and General Consumption Tax (GCT) relief are usually only available to new and expanding construction.
“We felt it was necessary for us to go back to Cabinet and to look at the strategy to allow for almost perpetual refurbishing …for you to change the doors, the windows put in new furniture and so on so as to maintain that freshness and crispness,” said tourism minister Edmund Bartlett at today's Jamaica Hotel and Tourist Association (JHTA) annual general meeting at the Half Moon Hotel in Montego Bay.
Bartlett said a submission has also been approved by Cabinet for the “rolling over” access to incentives for every three to five years. This is instead of the current 10 years.
Meanwhile Bartlett said Cabinet has approved amendments to the Duty Free Shopping Act to allow for expansion of duty free list <span style="font-weight: bold">and for incoming passengers to purchase items duty free. </span>In addition Bartlett said overseas representation for the sector will remain exempt from GCT.
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